According to analysts at Wells Fargo, homebuilder stocks are beginning to trade less on macro and more on company-specific fundamentals.

"While all homebuilding stocks, except Beazer Home (NYSE: BZH), have outperformed the S&P 500 over the last twelve months, different patterns are starting to emerge. Over the last week, half of the builders we follow outperformed while half underperformed. Similarly over the last month, only 5 of the 12 outperformed," said analyst Adam Rudiger.

"Our sense is investors are more closely looking at company-specific fundamentals and have moved beyond the macro-order trade which helps explain the different stock price performance," added the analyst.